SWIFT Transparency

Recent announcement by Society for Worldwide Interbank Financial Telecommunications (SWIFT) the international payment network, to adopt the global payment innovation services (gpi) will result in 10,000 banks on its network to use this technology for securing high level of transparency and traceability in cross border payments. The firm will embed a unique transaction reference for all end-to-end transactions of all its customers connected through its partner banks globally. The rapid success in adoption rate of gpi has resulted in 49 of the world’s top 50 banks adopting it. By the end of 2020, every bank in the network is expected to be able to offer same day end-to-end delivery. Launched in early 2017, gpi already accounts for 25 per cent of SWIFT cross-border payment traffic. More than $100 billion in SWIFT gpi messages is sent every day, enabling payments to be credited to end...